MDC Partners has announced the departure of Scott Kauffman as the holding company's chairman and chief executive officer.
Kauffman, who had been with the holding company for almost three years, is expected to remain in his role as chairman and chief executive until a successor is named. He has also retained his position on the holding company's board.
The search led by the board which has retained a national search firm, will focus on an executive who can further advance the company’s ongoing commitment to creating value for shareholders, differentiating its agencies in a competitive industry and enhancing its offerings to clients.
Larry Kramer, chairman of MDC’s HR and compensation committee said in a statement: "We appreciate Scott's efforts to lead MDC during a challenging transition time for the company and the industry. He has advanced the company’s offerings in data and technology, demonstrated a commitment to diversity and inclusion, and put in place a foundation that we believe sets our agencies up for success going forward. His commitment to stay on as we conduct this search ensures continuity and stability for our agencies, our talent and our clients as we begin our next chapter."
Added Mr. Kramer: "As we look ahead, our board is fully committed to creating and delivering value to our shareholders. The person we identify to lead MDC going forward will share that deep commitment, with a focus on delivering the most innovative and creative business solutions to our growing client roster."
Mr. Kauffman stated: "I remain confident that there is no company that can match MDC's culture, creativity, partnership model and commitment to clients. I am grateful to the board, our partner agencies and our clients for their support during my tenure as CEO. This is the right time for me to transition back to the board, and I look forward to supporting our partners, the executive team and my colleagues throughout this process to ensure that we have the stability and continuity necessary for success."